hotel magazine – Lodginghttp://lodgingmagazine.com
Official Publication of the AH&LAThu, 08 Dec 2016 16:42:34 +0000en-UShourly1https://wordpress.org/?v=4.6.1Hersha Hospitality to Acquire Hilton Garden Inn in Midtown Manhattanhttp://lodgingmagazine.com/hersha-hospitality-to-acquire-hilton-garden-inn-in-midtown-manhattan/
http://lodgingmagazine.com/hersha-hospitality-to-acquire-hilton-garden-inn-in-midtown-manhattan/#respondWed, 24 Oct 2012 13:00:48 +0000http://8f9377b5-e783-47be-8522-f8fa091662ddPHILADELPHIA—Hersha Hospitality Trust (the “Company”), owner of upscale and select service hotels in major metropolitan markets, announced that the Company has entered into a purchase and sale agreement to acquire the 205 room Hilton Garden Inn in New York City located at 52nd Street near Third Avenue for total consideration of $74.0 million, or approximately $361,000 per key. The transaction is expected to close shortly after the developer completes the hotel’s construction, anticipated in the ...

]]>PHILADELPHIA—Hersha Hospitality Trust (the “Company”), owner of upscale and select service hotels in major metropolitan markets, announced that the Company has entered into a purchase and sale agreement to acquire the 205 room Hilton Garden Inn in New York City located at 52nd Street near Third Avenue for total consideration of $74.0 million, or approximately $361,000 per key. The transaction is expected to close shortly after the developer completes the hotel’s construction, anticipated in the fourth quarter of 2013.

“We have been able to source another extremely attractive off-market asset to add to our Manhattan portfolio. Not only will it be a high quality, well-located hotel, but we will be acquiring it at a basis that is approximately 25% below the average price per room for recent comparable transactions,” commented Jay H. Shah, chief executive officer, in an announcement. “Appealing to both corporate and leisure travelers, the HGI Midtown East is ideally situated within a 19.8 million square foot office market and is proximate to a number of notable landmarks including the United Nations, Grand Central Station and Rockefeller Center. This asset will be only the second hotel to open in this submarket in the last 15 years speaking volumes of its high barriers to entry.”

The Company has provided $17.0 million to the seller as a non-refundable deposit earning a current cash coupon of 10 percent per annum. At the completion of construction, the Company will assume or extinguish $42 million of first mortgage debt and make an additional cash payment of $15.0 million. While this purchase and sale agreement secures the Company’s right to acquire the completed hotel, the Company is not assuming any construction risk, including the risk of schedule and cost overruns. Upon acquisition, the hotel will be managed by HHM.

Based on the Company’s current underwriting assumptions and estimates, the total consideration to be paid for the hotel is expected to represent a first year economic capitalization rate of approximately 7.0 percent and a hotel EBITDA multiple of 13.2x. The Company estimates, based on its current underwriting assumptions and estimates, that on a stabilized basis the hotel is being purchased at a stabilized capitalization rate of approximately 10.9 percent and a hotel EBITDA multiple of 8.4x.

The Company’s acquisition of the hotel is subject to a variety of conditions, including the substantial completion of the hotel by the seller and completion of the construction within the contractual scope, as well as the satisfaction of other customary closing conditions. As a result, there can be no assurance that the Company will complete the acquisition of the 52nd Street Hotel described above on the schedule or on the terms described above or at all.

]]>http://lodgingmagazine.com/hersha-hospitality-to-acquire-hilton-garden-inn-in-midtown-manhattan/feed/0EVEN Hotels Announces First Property Signinghttp://lodgingmagazine.com/even-hotels-announces-first-property-signing/
http://lodgingmagazine.com/even-hotels-announces-first-property-signing/#respondWed, 24 Oct 2012 12:47:01 +0000http://6c99b4d1-7567-4653-a79f-720f2924ffa1ATLANTA—IHG (InterContinental Hotels Group) announced the signing of the first EVEN Hotels property which will be located in New York City, with ownership group CWC, Inc. The IHG-managed hotel will be located at 219 E 44th Street in the heart of midtown Manhattan, and will be a flagship property for the brand. The hotel will be a new build scheduled to open in late 2014. The hotel will feature 23 guestroom floors and 230 guestrooms, ...

]]>ATLANTA—IHG (InterContinental Hotels Group) announced the signing of the first EVEN Hotels property which will be located in New York City, with ownership group CWC, Inc. The IHG-managed hotel will be located at 219 E 44th Street in the heart of midtown Manhattan, and will be a flagship property for the brand. The hotel will be a new build scheduled to open in late 2014. The hotel will feature 23 guestroom floors and 230 guestrooms, dedicated meeting areas, and indoor and outdoor exercise and eating spaces for 87,000 square feet in total space.

“This is another important first for IHG. By developing our portfolio of preferred brands in line with emerging consumer preferences, we are meeting the needs of a new type of guest who’s looking for hotels with an intrinsic focus on wellness in terms of food, work, exercise and rest,” said Richard Solomons, chief executive officer, IHG, in an announcement. “New York City is an ideal location, being one of the most health-minded cities in the U.S. – so it will provide the EVEN Hotels brand with the right exposure to its target guest, the healthier-minded traveler.”

“New York City is a key part of EVEN Hotels’ distribution strategy and provides strong market exposure to healthier-minded people both living and traveling to New York City, looking for a holistic wellness hotel experience,” said Kirk Kinsell, president, the Americas, IHG. “We are excited about the start of this new owner relationship with CWC Inc. as it brings together IHG’s branding and management expertise with CWC Inc.’s strong presence in the New York City real estate market.”

Joining IHG’s existing seven hotel brands, EVEN Hotels will be a key pillar in IHG’s portfolio of preferred brands and in the long term, a key driver in market share growth in the U.S.

IHG expects to sign 100 EVEN Hotels in the U.S. in the next five years under managed and franchised agreements in key markets including New York, Washington D.C. and San Francisco. IHG plans to announce additional locations over the next few months and to open the first EVEN hotel later on in 2013.

]]>http://lodgingmagazine.com/even-hotels-announces-first-property-signing/feed/0Hostmark Hospitality Group Adds Lake Eve Resort to Portfoliohttp://lodgingmagazine.com/hostmark-hospitality-group-adds-lake-eve-resort-to-portfolio/
http://lodgingmagazine.com/hostmark-hospitality-group-adds-lake-eve-resort-to-portfolio/#respondMon, 22 Oct 2012 15:44:36 +0000http://dbdd91ae-7829-4440-a03c-adeb868840cbSCHAUMBURG, Ill.—Hostmark Hospitality Group has added Lake Eve Resort, an all-suite luxury hotel in Orlando, Florida, to its Southeast region of operated assets. Acquired in a joint venture with The Arden Group and Eightfold Real Estate Capital, the 364-bedroom resort is the sixth Hostmark property in the state of Florida. The joint venture is investing a total of $24 million, which will include upgrades to the guest rooms, lobby, exterior lighting and signage, and expanding ...

]]>SCHAUMBURG, Ill.—Hostmark Hospitality Group has added Lake Eve Resort, an all-suite luxury hotel in Orlando, Florida, to its Southeast region of operated assets. Acquired in a joint venture with The Arden Group and Eightfold Real Estate Capital, the 364-bedroom resort is the sixth Hostmark property in the state of Florida. The joint venture is investing a total of $24 million, which will include upgrades to the guest rooms, lobby, exterior lighting and signage, and expanding the pool area with a new children’s water park.

The hotel offers one-, two-, and three bedroom suites with private balconies, fully equipped kitchens and dining areas, and complimentary wireless high speed Internet. Onsite facilities include the Siddhi Bar and Grill, a heated pool, hot tub, fitness center, sauna, game room, and complimentary shuttle service to theme parks and attractions.

Lake Eve Resort’s new general manager, Jerry Barnes, brings Orlando expertise and a strong operational background to the position. With over twenty years of experience in hospitality management, he previously headed successful teams at Crowne Plaza Orlando Downtown, Holiday Inn-Orlando North, and Crowne Plaza International Drive.

In an announcement, Jerome F. Cataldo, president of Hostmark Hospitality Group, commented, “The Hostmark team is looking forward to working with The Arden Group and Eightfold, contributing increased asset value through effective operation of Lake Eve Resort. Hostmark has extensive experience in the Orlando market, and Lake Eve Resort is an exquisite addition to Hostmark’s resort management portfolio, as well as a competitive presence with great upside potential in the Orlando hospitality market.”

]]>http://lodgingmagazine.com/hostmark-hospitality-group-adds-lake-eve-resort-to-portfolio/feed/0MGM China Holdings Receives Approval To Develop Gaming Resort In Cotaihttp://lodgingmagazine.com/mgm-china-holdings-receives-approval-to-develop-gaming-resort-in-cotai/
http://lodgingmagazine.com/mgm-china-holdings-receives-approval-to-develop-gaming-resort-in-cotai/#respondThu, 18 Oct 2012 12:38:58 +0000http://61013145-a9af-4fbd-b71f-cbfbd667d5baLAS VEGAS—MGM Resorts International announced that MGM China Holdings Limited, a 51%-owned subsidiary, has formally accepted a land concession contract in the form of a lease granted by the Macau Government to develop a five-star luxury resort and casino in Cotai, Macau. The Company has paid the Macau Government the sum of approximately $56 million as the initial payment of the contract premium. The Macau Government will arrange for publication of the Land Concession Contract ...

]]>LAS VEGAS—MGM Resorts International announced that MGM China Holdings Limited, a 51%-owned subsidiary, has formally accepted a land concession contract in the form of a lease granted by the Macau Government to develop a five-star luxury resort and casino in Cotai, Macau. The Company has paid the Macau Government the sum of approximately $56 million as the initial payment of the contract premium. The Macau Government will arrange for publication of the Land Concession Contract in the Official Gazette of Macau in due course.

With a budget of approximately $2.5 billion, the resort will include approximately 1,600 hotel rooms, 500 gaming tables, and 2,500 slots built on an approximately 17.8 acre site. The resort will feature over 85 percent gross floor area of non-gaming offerings, including restaurant, retail, and entertainment offerings.

In an announcement, MGM China chairman and executive director Pansy Ho said: “We are extremely appreciative of the Macau government for the grant of the land concession contract and the opportunity to build a spectacular resort. Our Cotai property will demonstrate our continued commitment to contribute to Macau as it develops into an international tourism and entertainment hub as well as a convention and meeting destination.”

Jim Murren, chairman and chief executive officer of MGM Resorts, who also serves as co‐chairman of the Board of MGM China, said: “This destination resort represents a significant growth opportunity for MGM China. The project will fully demonstrate our strengths in terms of design and branding, quality of service, and thoughtful diversification of product offerings.”

Construction is expected to begin after the publication of the Land Concession Contract in the Official Gazette of Macau and is anticipated to take up to 36 months.

]]>http://lodgingmagazine.com/mgm-china-holdings-receives-approval-to-develop-gaming-resort-in-cotai/feed/0Hyatt Plans for Hyatt Place Manatí in Puerto Ricohttp://lodgingmagazine.com/hyatt-plans-for-hyatt-place-manati-in-puerto-rico/
http://lodgingmagazine.com/hyatt-plans-for-hyatt-place-manati-in-puerto-rico/#respondWed, 22 Aug 2012 13:29:59 +0000http://75c6d4cf-f5a8-46a7-a5bc-90d0f32cc7a2Hyatt Hotels Corporation announced that a Hyatt affiliate has entered into an agreement for a Hyatt Place hotel in Manatí, Puerto Rico with Island Hospitality Partners, LLC, a joint venture of PRISA Group and McConnell Valdes Consulting. Island Hospitality is also the owner of Hyatt Place Bayamón Hotel & El Tropical Casino, which is currently under construction and is expected to open in 2014. “We are glad to work with Island Hospitality on a second ...

]]>Hyatt Hotels Corporation announced that a Hyatt affiliate has entered into an agreement for a Hyatt Place hotel in Manatí, Puerto Rico with Island Hospitality Partners, LLC, a joint venture of PRISA Group and McConnell Valdes Consulting. Island Hospitality is also the owner of Hyatt Place Bayamón Hotel & El Tropical Casino, which is currently under construction and is expected to open in 2014.

“We are glad to work with Island Hospitality on a second Hyatt Place hotel project in Puerto Rico,” said Pat McCudden, senior vice president, real estate and development Hyatt Hotels & Resorts, in an announcement. “We believe that the Hyatt Place brand and the location of the hotel in Manatí will have strong appeal to business and leisure travelers visiting the region.”

Hyatt Place Manatí, which is expected to open in early 2014, will have 104 guestrooms in a five-story building, with an adjoining 11,500 square foot casino, and a free-standing casual dining restaurant.

“We believe in the Hyatt Place brand and think the hotels will have strong appeal in both Bayamon and Manatí,” said Federico Stubbe, Jr., president of PRISA Group. “Hyatt Place Manatí & Casino and Hyatt Place Bayamón & El Tropical Casino will bring Hyatt’s world-class hospitality to Puerto Rico.”

Facilities and amenities of Hyatt Place Manatí will include guestrooms with a Cozy Corner sofa and flat panel TV; The Gallery, a social area for guests to unwind or grab a bite to eat; an e-room with complimentary computer access and printing; complimentary full breakfast served daily in the Guest Kitchen; the Market with food and beverage options, in-hotel dining, including a 24/7 Gallery Menu with fresh made meals and appetizers; the Café, a bar featuring specialty coffees and teas, premium beer, wine and cocktails. Other amenities will include flexible meeting space, a 24-hour fitness center, outdoor swimming pool, and free Wi-Fi throughout the hotel.

Currently, there are more than 165 Hyatt Place hotels in operation in the United States, with more than 35 Hyatt Place hotels under development throughout the U.S., Europe, the Caribbean, China, Latin America, Southwest Asia, and the Middle East. The first two Hyatt Place hotels outside the United States are expected to open later this fall: Hyatt Place San Jose Pinares in San Jose, Costa Rica and Hyatt Place Hampi in Hampi, India.